SPDR® MSCI EAFE Fossil Fuel Reserves Free ETF
Fund offered by:
SPDR State Street Global Advisors
Ticker: EFAXsocially responsible
Deforestation grade: Fund is invested in deforestation-risk agricultural commodity producer/traders, above the threshold of 0.5% and below 1.5%. Assigned a grade of D.
How we track deforestation-risk investments
D
17.8%
INVESTED IN DEFORESTATION-RISK COMPANIES
producers
AGRIBUSINESS
deforestation-risk producers and traders of palm oil, paper/pulp, rubber, timber, cattle, and soy
banks
BANKS AND LENDERS
that finance deforestation-risk agribusiness producers via lending and underwriting
consumers
MAJOR CONSUMER BRANDS
that use deforestation-risk agribusiness commodities in products
76
holdings flagged
18%
of assets flagged
This fund contains
 $44.37 MILLION invested 
in holdings flagged for deforestation risk
Unlike many large investors, State Street actually has a number of fossil free funds - which shows that State Street understands the existential threat of climate change. Yet, even in its fossil-free funds, and across its portfolios, State Street still has huge investments in companies like JBS, Sime Darby, Posco and Mitsubishi that grow and trade palm oil, cattle, and rubber, and others like Tesco and Carrefour that use these commodities in their products but have failed to eliminate deforestation from their operations. This means State Street has a key role to play in voting for No Deforestation policies at these companies and engaging with company management to make sure these policies are implemented. Tell State Street to improve its climate game by adopting a No Deforestation Policy!
Sign the petition
producers
Commodity producers
9 holdings
0.59% of assets
$1.47 MILLION invested
banks
Banks and lenders
20 holdings
6.07% of assets
$15.12 MILLION invested
consumers
Major consumer brands
52 holdings
11% of assets
$28.51 MILLION invested
Commodity producers
Commodity producers
9 HOLDINGS
Companies that produce and trade palm oil, paper/pulp, rubber, timber, cattle, and soy, and have a past record or a significant risk of contributing to deforestation, land grabbing, and human rights abuses. Investing in any of these companies assigns a fund a grade of C if total producer exposure is below the threshold of 0.5%; a grade of D if below 1.5%; and a grade of F if above 1.5%.
9 HOLDINGS
  • % of portfolio
    $ invested
  • 1. Neste Corp
    Soy producerPalm oil producer
    0.15%0.15% of portfolio
    $367,343$367,343 invested
    Soy producerPalm oil producer
  • 2. UPM-Kymmene Oyj
    Timber producerPaper/pulp producer
    0.12%0.12% of portfolio
    $295,128$295,128 invested
    Timber producerPaper/pulp producer
  • 3. Mondi PLC
    Paper/pulp producer
    0.07%0.07% of portfolio
    $186,546$186,546 invested
    Paper/pulp producer
  • 4. Stora Enso Oyj Class R
    Timber producerPaper/pulp producer
    0.06%0.06% of portfolio
    $154,115$154,115 invested
    Timber producerPaper/pulp producer
  • 5. Associated British Foods PLC
    Soy producerPalm oil producer
    0.05%0.05% of portfolio
    $136,564$136,564 invested
    Soy producerPalm oil producer
View next 4
Banks and lenders
Banks and lenders
20 HOLDINGS
Financial institutions directly and indirectly involved in underwriting and lending to deforestation-risk producers and traders. Investing in any of these companies assigns a fund a grade of B (assuming there are no investments in producers).
20 HOLDINGS
  • % of portfolio
    $ invested
  • 1. Commonwealth Bank of Australia
    0.87%0.87% of portfolio
    $2.17M$2.17M invested
  • 2. HSBC Holdings PLC
    0.77%0.77% of portfolio
    $1.92M$1.92M invested
  • 3. BNP Paribas Act. Cat.A
    0.47%0.47% of portfolio
    $1.18M$1.18M invested
  • 4. National Australia Bank Ltd
    0.45%0.45% of portfolio
    $1.11M$1.11M invested
  • 5. Westpac Banking Corp
    0.44%0.44% of portfolio
    $1.11M$1.11M invested
View next 5
Major consumer brands
Major consumer brands
52 HOLDINGS
Consumer goods retailers that source palm oil, paper/pulp, rubber, timber, cattle, and soy from deforestation-risk producers and traders and sell it to consumers worldwide. Investing in any of these companies assigns a fund a grade of B (assuming there are no investments in producers).
52 HOLDINGS
  • % of portfolio
    $ invested
  • 1. Nestle SA
    Soy major consumer brandCattle major consumer brandPaper/pulp major consumer brandPalm oil major consumer brand
    2.37%2.37% of portfolio
    $5.91M$5.91M invested
    Soy major consumer brandCattle major consumer brandPaper/pulp major consumer brandPalm oil major consumer brand
  • 2. LVMH Moet Hennessy Louis Vuitton SE
    Cattle major consumer brandPaper/pulp major consumer brandPalm oil major consumer brand
    1.35%1.35% of portfolio
    $3.37M$3.37M invested
    Cattle major consumer brandPaper/pulp major consumer brandPalm oil major consumer brand
  • 3. Unilever PLC
    Soy major consumer brandPaper/pulp major consumer brandPalm oil major consumer brand
    0.88%0.88% of portfolio
    $2.19M$2.19M invested
    Soy major consumer brandPaper/pulp major consumer brandPalm oil major consumer brand
  • 4. L'Oreal SA
    Paper/pulp major consumer brandPalm oil major consumer brand
    0.72%0.72% of portfolio
    $1.8M$1.8M invested
    Paper/pulp major consumer brandPalm oil major consumer brand
  • 5. Basf SE
    Paper/pulp major consumer brandPalm oil major consumer brand
    0.41%0.41% of portfolio
    $1.03M$1.03M invested
    Paper/pulp major consumer brandPalm oil major consumer brand
View next 5
View more info
DATA AS OF 10/29/21
Financial performance
Performance data provided byMorningstarFind more financial data on EFAX at Morningstar.com
Current fund
EFAX
SPDR® MSCI EAFE Fossil Fuel Reserves Free ETF
Family
SPDR State Street Global Advisors
Category
Foreign Large Blend
vs.
Benchmark
ACWX
iShares MSCI ACWI ex U.S. ETF
Family
iShares from BlackRock
Category
Foreign Large Blend
Fund comparison settings
Investment timeline
Performance as of: 10/31/21
1 year
3 years
5 years
10 years
Benchmark
Suggested: MSCI ACWI Ex USA
ACWX - iShares MSCI ACWI ex U.S. ETF
Fund comparison results
Compared to the benchmark, this fund has:
Higher 5-yr returns 
0.29% more in annualized returns
Less invested in commodity producers 
0.75% less invested
More invested in banks and lenders 
1.8% more invested
More invested in major consumer brands 
2.95% more invested
Current fund
EFAX
SPDR® MSCI EAFE Fossil Fuel Reserves Free ETF
Family
SPDR State Street Global Advisors
Category
Foreign Large Blend
vs.
Benchmark
ACWX
iShares MSCI ACWI ex U.S. ETF
Family
iShares from BlackRock
Category
Foreign Large Blend
Fund comparison settings
Investment timeline
Performance as of: 10/31/21
1 year
3 years
5 years
10 years
Benchmark
Suggested: MSCI ACWI Ex USA
ACWX - iShares MSCI ACWI ex U.S. ETF
Fund comparison results
Compared to the benchmark, this fund has:
Higher 5-yr returns 
0.29% more in annualized returns
Less invested in commodity producers 
0.75% less invested
More invested in banks and lenders 
1.8% more invested
More invested in major consumer brands 
2.95% more invested
Current fund
EFAX
SPDR® MSCI EAFE Fossil Fuel Reserves Free ETF
Family
SPDR State Street Global Advisors
Category
Foreign Large Blend
vs.
Benchmark
ACWX
iShares MSCI ACWI ex U.S. ETF
Family
iShares from BlackRock
Category
Foreign Large Blend
Fund comparison settings
Investment timeline
Performance as of: 10/31/21
1 year
3 years
5 years
10 years
Benchmark
Suggested: MSCI ACWI Ex USA
ACWX - iShares MSCI ACWI ex U.S. ETF
Fund comparison results
Compared to the benchmark, this fund has:
Higher 5-yr returns 
0.29% more in annualized returns
Less invested in commodity producers 
0.75% less invested
More invested in banks and lenders 
1.8% more invested
More invested in major consumer brands 
2.95% more invested
Month-end trailing returns  
Annualized returns
Deforestation analysis
1-yr
3-yr
5-yr
10-yr
Commodity producers
This fund
EFAX - SPDR® MSCI EAFE Fossil Fuel Reserves Free ETF
33%
12%
9.91%
/
0.59% 
Benchmark
ACWX - iShares MSCI ACWI ex U.S. ETF
29%
12%
9.62%
6.53%
1.34% 
Fund compared to benchmark
 
3.33%
0.58%
0.29%
/
0.75%  lower
Find more financial data on EFAX at Morningstar.com
Take Action
Call on U.S. investment firms to implement Deforestation and Land Grab-Free investment policies.
Find top-graded funds that avoid deforestation-risk investments.
Use Fossil Free Funds to check this fund's fossil fuel investments and carbon footprint.
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